When gambling with derivative products can become problematic: a case report of excessive trading

When gambling with derivative products can become problematic: a case report of excessive trading

Sasha Mathieu*, Isabelle Varescon

Université de Paris, Laboratoire de Psychopathologie et Processus de Santé, F-92100 Boulogne Billancourt, France

For some individuals, trading can become a problematic activity and be considered a gambling disorder due to its adverse consequences. Because few studies have been conducted to date investigating this issue, the aim of this study is to improve knowledge on this topic by presenting a case study of a participant playing the stock market. A research interview was conducted, transcribed, and analyzed using Alceste®. This case study revealed three classes of meaning: the role of family in trading behavior; trading history, motives, and beliefs; and the tilt. Results shed light on the link between gambling and trading activities, and tend to support the existence of a trading behavior resembling addiction, which may be more significant when trading with high-risk derivative products due to their unique characteristics.

Keywords: problem trading; trading motives; trading-related cognitions; qualitative analysis; case study.

Free Full-text PDF

How to cite this article:
Sasha Mathieu, Isabelle Varescon. When gambling with derivative products can become problematic: a case report of excessive trading. International Journal of Psychological Research and Reviews, 2021; 4:50. DOI: 10.28933/ijprr-2021-06-0605


1. American Psychiatric Association. 2013. Diagnostic and statistical manual of mental health disor-ders: DSM-5 (5th ed.). Washington DC: American Psychiatric Publishing.
2. Amlung, M., Vedelago, L., Acker, J., Balodis, I. & MacKillop, J. Steep delay discounting and addictive behavior: a meta‐analysis of continuous associations. Addiction, 2017, 112(1):51-62. Doi: 10.1111/add.13535
3. Arthur, J. N. & Delfabbro, P. Day traders in South Australia: Similarities and differences with traditional gamblers. Journal of Gambling Studies, 2017, 33(3):855-866. Doi: 10.1007/s10899-016-9659-x.
4. Arthur, J. N., Delfabbro, P. H. & Williams, R. J. Is there a relationship between participation in gambling activities and participation in high-risk stock trading? The Journal of Gambling Business and Economics, 2015, 9(3):34-53. Doi: 10.5750/jgbe.v9i3.1034
5. Arthur, J. N., Williams, R. J. & Delfabbro, P. H. The conceptual and empirical relationship be-tween gambling, investing and speculation. Journal of Behavioral Addictions, 2016, 5(4):580-591. Doi: 10.1556/2006.5.2016.084
6. Barber, B. M., Lee, Y.-T., Liu, Y.-J. & Odean, T. Just how much do individual investors lose by trading? Review of Financial Studies, 2009, 22(2):609-632. Doi: 10.1093/rfs/hhn046
7. Barrault, S., Mathieu, S., Brunault, P. & Varescon, I. Does gambling type moderate the links be-tween problem gambling, emotion regulation, anxiety, depression and gambling motives. Interna-tional Gambling Studies, 2018, 19(1):54-68. Doi: 10.1080/14459795.2018.1501403
8. Barrault, S., Untas, A. & Varescon, I. Special features of poker. International Gambling Studies, 2014, 14(3):492-504. Doi: 10.1080/14459795.2014.968184
9. Barrault, S. & Varescon, I. Impulsive sensation seeking and gambling practice among a sample of online poker players: Comparison between non-pathological, problem and pathological gamblers. Personality and Individual Differences, 2013, 55(5):502-507. Doi: 10.1016/j.paid.2013.04.022
10. Bauer, R., Cosemans, M. & Eichholtz, P. Option trading and individual investor performance. Journal of Banking and Finance, 2009, 33(4):731-746. Doi: 10.1016/j.jbankfin.2008.11.005
11. Bonnaire, C., Barrault, S., Aïte, A., Cassotti, M., Moutier, S. & Varescon, I. Relationship be-tween pathological gambling, alexithymia, and gambling type. The American Journal on Addictions, 2017, 26(2):152-160. Doi: 10.1111/ajad.12506
12. Connecticut Council on Problem Gambling. (2011). Investing and gambling problems. Some investors may be at risk for gambling out of control in the stock market and other financial markets. http://www.ccpg.org/ articles/fm-investing.pdf.
13. Billieux, J., Schimmenti, A., Khazaal, Y., Maurage, P. & Heeren, A. Are we overpathologizing everyday life? A tenable blueprint for behavioral addiction research. Journal of Behavioral Addic-tions, 2015, 4(3):119-123. Doi: 10.1556/2006.4.2015.009
14. Bogan, V. Stock market participation and the internet. Journal of Financial and Quantitative Analysis, 2008, 43(1):191-211. Doi: 10.1017/S0022109000002799
15. Bonnaire, C., Barrault, S., Aïte, A., Cassotti, M., Moutier, S. & Varescon, I. Relationship be-tween pathological gambling, alexithymia, and gambling type. The American Journal on Addictions, 2017, 26(2):152-160. Doi: 10.1111/ajad.12506
16. Berg, B. L. 2000. Qualitative Research Methods for the Social Sciences 4th Ed. Allyn and Ba-con.
17. Braun, V., & Clarke, V. Using thematic analysis in psychology. Qualitative Research in Psycho-logy, 2006, 3(2):77-101. Doi: 10.1191/1478088706qp063oa
18. Browne, B. Going on tilt: Frequent poker players and control. Journal of Gambling Behavior, 1989, 5(1):3-21. Doi: 10.1007/BF01022134
19. Cox, R., Kamolsareeratan, A. & Kouwenberg, R. Gambling in the Stock Market: The Motiva-tions behind Excessive and Speculative Trading. Network for Studies on Pension, Aging and Retire-ment, 2018, 1-37.
20. Dechant, K. Show me the money: incorporating financial motives into the gambling motives questionnaire. Journal of Gambling Behavior, 2014, 30(4):949-965. Doi: 10.1007/s10899-013-9386-5
21. Delavigne, V. (2000). Les mots du nucléaire : contribution socioterminologique à une analyse de discours. (Doctoral dissertation). Université de Rouen.
22. Graham, B. & Dodd, D. (1940). Security analysis. New York: McGraw-Hill.
23. Grall-Bronnec, M., Sauvaget, A., Boutin, C., Bulteau, S., Jiménez-Murcia, S., Fernández-Aranda, F., Challet-Bouju, G. & Caillon, J. Excessive trading, a gambling disorder in its own right? A case study on a French disordered gamblers cohort. Addictive Behaviors, 2017, 64:340-348. Doi: 10.1016/j.addbeh.2015.12.006
24. Granero, R., Tárrega, S., Fernández-Aranda, F., Aymamí, N., Gómez-Peña, M., Moragas, L., Custal, N., Orekhova, L., Savvidou, L. G., Menchon, J. M. & Jiménez-Murcia, S. Gambling on the stock market: an unexplored issue. Comprehensive Psychiatry, 2012, 53(6):666-673. Doi: 10.1016/j.comppsych.2011.12.004
25. Grinblatt, M. & Keloharju, M. Sensation seeking, overconfidence, and trading activity. Journal of Finance, 2009, 64(2):549-578. Doi: 10.1111/j.1540-6261.2009.01443.x
26. Guglielmo, R., Ioime, L. & Janiri L. Is Pathological Trading an Overlooked Form of Addiction? Addiction and Health, 2016, 8(3):207-209.
27. Laakasuo, M., Palomäki, J., & Salmela, M. Experienced poker players are emotionally stable. Cyberpsychology, Behavior and Social Networking, 2014, 17(10):668-671. Doi: 10.1089/cyber.2014.0147
28. Lister, J. J., Nower, L. & Wohl, M. J. Gambling goals predict chasing behavior during slot ma-chine play. Addictive Behaviors, 2016, 62:129-134. Doi: 10.1016/j.addbeh.2016.06.018
29. MacDougall, E. D. 1936. Speculation and gambling. Boston, MA: Stratford Company.
30. Markovic, H., Nikolac, N., Tripkovic, M., Golubovic, I. H. & Custovic, Z. Connection between addictive behavior and investing on the stock market in Croatia. Alcoholism and Psychiatry Research, 2012, 48(2):69-80.
31. Maslow, A. 1989. Vers une psychologie de l’être. Paris, France: Fayard.
32. Mathieu, S., Barrault, S., Brunault, P. & Varescon, I. Gambling motives: do they explain cogni-tive distortions in male poker gamblers? Journal of Gambling Studies, 2018, 34(1):133-145. Doi: 10.1007/s10899-017-9700-8
33. Murcko, T. 2007. What is the difference between gambling and investing? (available from: www.investorguide.com).
34. Nigro, G., Ciccarelli, M. & Cosenza, M. The illusion of handy wins: Problem gambling, chasing, and affective decision-making. Journal of Affective Disorders, 2018, 225:256-259. Doi: 10.1016/j.jad.2017.08.010
35. Oliveira, M. P., & Silva, M. T. A comparison of horse-race, bingo, and video poker gamblers in Brazilian gambling settings. Journal of Gambling Studies, 2001, 17(2):137-149. Doi: 10.1023/A:1016672630220
36. Palomäki, J., Laakasuo, M. & Salmela, M. ‘This is just so unfair!’: a qualitative analysis of loss-induced emotions and tilting in online poker. International Gambling Studies, 2013, 13(2):255-270. Doi: 10.1080/14459795.2013.780631
37. Pelster, M. Attracting attention from peers: Excitement in social trading. Journal of Economic Behavior and Organization, 2019, 161:158-179. Doi: 10.1016/j.jebo.2019.03.010
38. Piperopoulou, N. Stock market trading: A compulsive gambling behaviour with potential psy-chological and health problems. Psychiatriki, 2004, 15(3):253-260.
39. Proctor, R. A. 1887. Gambling in shares. In R. A. Proctor (Ed.), Chance and luck (pp. 162– 190). London: Longmans, Green, and Co.
40. Ricijas, N., Hundric, D. D. & Huic, A. Predictors of adverse gambling related consequences among adolescent boys. Children and Youth Services Review, 2016, 67:168-176. Doi: 10.1016/j.childyouth.2016.06.008
41. Schreiber, L. R., Grant, J. E., & Odlaug, B. L. Emotion regulation and impulsivity in young adults. Journal of Psychiatric Research, 2012, 46(5):651-658. Doi: 10.1016/j.jpsychires.2012.02.005
42. Statman, M. Lottery Players/Stock Traders. Financial Analysts Journal, 2002, 58(1):14-21. Doi: 10.2469/faj.v58.n1.2506
43. Stewart, S. H. & Zack, M. Development and psychometric evaluation of a three-dimensional Gambling Motives Questionnaire. Addiction, 2008, 103(7):1110-1117. Doi: 10.1111/j.1360-0443.2008.02235.x
44. Thompson, S. C., Armstrong, W. & Thomas, C. Illusion of control, underestimations and accu-racy: a control heuristic explanation. Psychological Bulletin, 1998, 123(2):143-161. Doi: 10.1037/0033-2909.123.2.143
45. Turner, N. E. The addictiveness of online brokerage services: A first person account. Journal of Gambling Issues, 2011, 25:113-129. Doi: 10.4309/jgi.2011.25.9
46. Weiss, N. H., Tull, M. T., Viana, A. G., Anestis, M. D. & Gratz, K. L. Impulsive behaviors as an emotion regulation strategy: examining associations between PTSD, emotion dysregulation, and im-pulsive behaviors among substance dependent inpatients. Journal of Anxiety Disorders, 2012, 26(3):453-458. Doi: 10.1016/j.janxdis.2012.01.007
47. Williams, R. J., Volberg, R. A., Stevens, R. M. G., Williams, L. A. & Arthur, J. N. The Defini-tion, Dimensionalization, and Assessment of Gambling Participation. Report prepared for the Cana-dian Consortium for Gambling Research. February 1, 2017.
48. Wood, R. T. A., Gupta, R., Derevensky, J. L. & Griffiths, M. Video game playing and gambling in adolescents: Common risk factors. Journal of Child and Adolescent Substance Abuse, 2004, 14, 77-100. Doi: 10.1300/J029v14n01_05
49. Yin, R. K. 2009. Case Study Research, Design and Methods. 4th Ed. London: Sage Publica-tions.

Terms of Use/Privacy Policy/ Disclaimer/ Other Policies:
You agree that by using our site, you have read, understood, and agreed to be bound by all of our terms of use/privacy policy/ disclaimer/ other policies (click here for details).

This work and its PDF file(s) are licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.